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For example, if you’re past due on your mortgage or auto loan, and you file for bankruptcy, lenders can’t foreclose on your home or repossess your car while the automatic stay is in place.
The redemption period represents a time when you are trying to regain your home. Because you don’t have the full rights to your property during this time, you wouldn’t be able to sell it until ...
Chapter 13 bankruptcy allows you to avoid foreclosure or repossession by letting you make up missed payments over time. It can also provide a manageable path to repaying non-dischargeable debts ...
It can declare the entire payable debt to the lender if the borrower(s) were to transfer the title at a future date to a purchaser. The clause in the mortgage also instructs that a notice of acceleration must be served to the obligated mortgagor(s) who signed the Note. Each mortgage gives a time period for the debtor(s) to cure their loan.
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
Negotiating with a collection agency or junk debt buyer is somewhat similar to negotiating with a credit card company or other original creditor. However, many collection agencies (or junk debt buyers) will agree to take less of the owed amount than the original creditor, because the junk debt buyer has purchased the debt for a fraction of the ...
Negotiating your debts down is not only possible, it can be a powerful way to regain control of your finances. If it works, great! And if not, bankruptcy sounds worse than it is.
But, he emphasizes, while the automatic stay offers a breather from foreclosure or repossession,”if you want to keep the property, you have to continue making your payments on your home ...